‘Industra Bank’ allows to take over most of the assets and liabilities of ‘PrivatBank’

The Financial and Capital Market Commission (FKTK) has given permission “Industra Bank” to take over PrivatBank’s customer service and most of its assets and liabilities. The transition will be implemented on August 20, 2022.

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In the coming days, “Industra Bank” will personally inform each customer about the practical progress of transferring their information and contracts.

As a result of the transaction, “Industra Bank” will take over customer relations from “PrivatBank”, including the management of accounts of individuals and legal entities, credit and leasing portfolios, deposits, as well as securities and real estate owned by the bank.

Raivis Kakānis, the chairman of the board of “Industra Bank”, states: “Since the conclusion of the agreement with “PrivatBank”, we have been working on a detailed plan for the thoughtful transfer and integration of customer information into the systems of “Industra Bank”, in order to be able to take over this customer service as soon as possible after receiving the permission of the FCMC. In order to fulfill our ambition to grow, we have made significant improvements in the modernization of services, including the development of internet banking, so the bank has a wide range of financial services, the necessary infrastructure and a professional team for quality service to these customers.”

As part of the transaction, “Industra Bank” will take over from “PrivatBank” cooperation with approximately 5,800 clients, of which 300 are legal entities and 5,500 private individuals. The volume of transferable credits in the transaction is approximately 23 million euros, while the volume of deposits exceeds 57 million euros.

“Industra Bank” is a Latvian credit institution founded in 1994 with more than 18 thousand customers – a little over a thousand legal entities and 17 thousand private individuals. The bank’s shareholders are local businessmen who have focused their operations on serving Latvian small and medium-sized enterprises. The bank has eight service centers – four in Riga, while the others are in Daugavpils, Liepāja, Ventspils and Jelgava.

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